Ola selects banks, $1 billion IPO expected to be launched in October

Ride sharing company Ola has selected Citigroup and Kotak Mahindra Bank to manage its initial public offering (IPO), which is expected to be launched in October, Bloomberg reported. Ola is expected to raise $1 billion through the IPO.

The company, backed by SoftBank Group Corp. and Tiger Global Management, has also picked Morgan Stanley for the listing, Bloomberg reported citing people aware of the developments.

Ola is among the clutch of companies in India which have taken the IPO route to raise funds. The most notable among them was food-delivery firm Zomato, which made stellar debut last month.